IDB Partners To Mobilize Funds for Renewable Energy Investments

News Americas, NEW YORK, NY, Weds. July 19, 2023: The Inter-American Development Bank (IDB) has joined forces with the International Renewable Energy Agency (IRENA) by signing an agreement to become a partner of the Energy Transition Accelerator Financing (ETAF) platform. As part of its commitment, the IDB plans to allocate up to USD 100 million to co-finance renewable energy projects and energy transition technologies in the Latin America and Caribbean region.

This collaboration between the IDB and IRENA is set to have a profound impact on the region by catalyzing the energy transition, advancing progress on energy access and security, and driving significant changes in the renewable energy landscape.

IRENA Director-General Francesco La Camera and IDB CEO Ilan Goldfajn expressed their enthusiasm for the partnership. Director-General La Camera emphasized the urgency for action on the energy transition as the climate tipping point draws near, and highlighted the IDB’s invaluable expertise and substantial resources that will contribute to progress in Latin America and the Caribbean.

IDB President, Ilan Goldfajn, also spoke about the IDB’s increased climate ambition and the importance of mobilizing more capital for low-carbon technologies. By joining IRENA’s important financing platform, the IDB takes a significant step towards supporting the energy transition goals of Latin America and the Caribbean. This collaboration positions the region as a key player in addressing the global challenge of climate change.

The ETAF platform, initially aiming to mobilize USD 1 billion by 2030, has already surpassed its target with the involvement of new partners like the IDB. The current capital commitment stands at an impressive USD 1.25 billion, exceeding the platform’s initial goal. Leveraging its global reach and expertise in the energy transition, IRENA is actively developing a pipeline of projects in emerging markets across Latin America and the Caribbean. These projects will be presented to interested ETAF partners, including the IDB, for potential funding and support.